Delhivery Raises USD 76 million from Lee Fixel’s Addition Ahead of IPO

The company was incorporated in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Kapil Bharati, and Suraj Saharan

Delhivery Raises USD 76 million from Lee Fixel’s Addition Ahead of IPO

Delhivery, a Gurgaon-based firm, has raised USD76.4 million from Lee Fixel's venture Capital firm addition as part of a Series I round, as per the regulatory filings sourced from Tofler.

The company was incorporated in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Kapil Bharati, and Suraj Saharan. The logistics startup is planning to list on exchanges between December 2021 and March 2022.

The company is working out details of the issue, including its size. However, it already has substantial cash on its balance sheet, so it expects to be a primary issue in the USD 400-500 million range.

Furthermore, it includes names like SoftBank Vision Fund, Tiger Global Management, Times Internet, The Carlyle Group, and Steadview Capital on its captable.

It reported a loss of INR 284 crore during the financial year 2019-2020. It came down from INR 1,781 crore in the financial year 2018-2019. The revenue increased by 74 percent to INR 2,986.4 crore during the financial year 2020.

In July, the company last announced an investment of USD100 million from FedEx Express, a subsidiary of leading global express transportation company FedEx Corp.

Last month, it also acquired Bengaluru-based Spoton Logistics to strengthen its B2B capabilities further.